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Emmer: Binance Settlement Indicates No New US Crypto Laws

Pro-crypto Majority Whip Tom Emmer says $4.3 billion Binance settlement shows U.S. doesn’t need new crypto laws

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162 Listen to this article Binance, along with its former CEO Changpeng “CZ” Zhao, recently reached a significant agreement with […]

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Binance, along with its former CEO Changpeng “CZ” Zhao, recently reached a significant agreement with U.S. prosecutors, involving a hefty $4.3 billion fine, which stands as one of the largest penalties in corporate history. Interestingly, House Majority Whip Rep. Tom Emmer (R-Minn.) has taken an unconventional stance, suggesting that the existing regulatory framework for cryptocurrencies in the U.S. is sufficient, contrary to the beliefs of some fellow lawmakers and many crypto advocates.

In a recent post on X (formerly Twitter), Rep. Emmer emphasized that the successful prosecution of Binance demonstrates that the current legal framework is effective in addressing illicit activities in the crypto space. He asserts that instead of crafting new legislation, Congress should focus on attracting more cryptocurrency companies to operate within the United States, thus enhancing national security.

However, this stance by Rep. Emmer could potentially hinder the progress of several bills currently under consideration in Congress, including one related to stablecoins introduced by his colleague Rep. Patrick McHenry (R-N.C.). For quite some time, leaders in the cryptocurrency industry, often critical of government regulations, have been advocating for laws that bring clarity and structure to the crypto market. Some have also pointed out that many G20 countries have already taken steps to propose or implement significant cryptocurrency legislation.

On the opposing side of the debate, Senator Elizabeth Warren (D-Mass.), a known critic of cryptocurrencies, seized on Binance’s deal with prosecutors to call for more stringent government intervention in the industry. She argued on X that Binance’s alleged violations of anti-money laundering laws were part of a broader pattern and highlighted the need for law enforcement and national security agencies to have increased authority and resources to combat money laundering, sanctions evasion, and criminal activities involving cryptocurrencies.

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FAQ`s

What was the recent deal between Binance and U.S. prosecutors about?

Binance and its former CEO, Changpeng “CZ” Zhao, agreed to pay a substantial fine of $4.3 billion, making it one of the largest corporate fines in history.

What is Rep. Tom Emmer’s stance on cryptocurrency regulation in the U.S.?

Rep. Tom Emmer believes that the current regulatory framework for cryptocurrencies in the U.S. is adequate and that there is no need for new laws. He emphasizes the importance of attracting more cryptocurrency companies to the country.

What impact might Rep. Emmer’s stance have on cryptocurrency-related bills in Congress?

Rep. Emmer’s position could potentially hinder the progress of various cryptocurrency-related bills, including one related to stablecoins introduced by his colleague Rep. Patrick McHenry.

What have leaders in the cryptocurrency industry been advocating for in terms of regulation?

Leaders in the cryptocurrency industry have been advocating for legislation that provides clarity and structure to the cryptocurrency market.

What is Senator Elizabeth Warren’s view on cryptocurrency regulation?

Senator Elizabeth Warren is a critic of cryptocurrencies and has called for increased government action against the industry. She believes that law enforcement and national security agencies need more authority and resources to combat illicit activities involving cryptocurrencies.

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